Tsipras has faced a revolt in the left-wing Syriza party over the mix of tax hikes, market reforms and spending cuts demanded by lenders but is expected to get the package through parliament with the support of pro-European opposition parties.
Greece and the euro zone face a week of political and financial uncertainty after the Greek Prime Minister's shock announcement of a referendum on the country's creditors' proposals to resolve its debt.
European markets turned lower following the statement, with Germany's Dax falling 1.2 percent and the Athens stock exchange down 3.3 percent minutes after the news emerged.